‎Key Saudi developments since Vision 2030 launch

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‎ Saudi Arabia celebrates its National Day today, Sept. 23 each year, marking the unification and founding of the Kingdom on Sept. 23, 1932, under the leadership of its founder, King Abdulaziz bin Abdulrahman Al Saud. King Abdulaziz bin Abdulrahman Al Saud Reign: Sept. 23, 1932 – Nov. 9, 1953 King Abdulaziz was succeeded by his sons, who have ruled the Kingdom ever since. King Saud bin Abdulaziz Al Saud Reign: Nov. 9, 1953 – Nov. 2, 1964 King Faisal bin Abdulaziz Al Saud Reign: Nov. 2, 1964 – March 25, 1975 King Khalid bin Abdulaziz Al Saud Reign: March 25, 1975 – June 13, 1982 King Fahd bin Abdulaziz Al Saud Reign: June 13, 1982 – Aug. 1, 2005 King Abdullah bin Abdulaziz Al Saud Reign: Aug. 1, 2005 – Jan. 23, 2015 King Salman bin Abdulaziz Al Saud Reign: Jan. 23, 2015 – present The Kingdom celebrates its 96th National Day under the slogan “Our Pride Is in Our Nature,” which reflects pride in the nation and a sense of belonging, drawing on the authentic values and traits that characterize Saudi society, including courage, vision, authenticity, determination, generosity, and giving. The slogan’s key values are captured in the phrases “Our Pride Is in Our Courage,” “Our Pride Is in Our Vision,” “Our Pride Is in Our Authenticity,” “Our Pride Is in Our Determination,” “Our Pride Is in Our Generosity,” and “Our Pride Is in Our Giving.” Each phrase represents an authentic trait of Saudi society, all under the main slogan, “Our Pride Is in Our Nature.” To mark the 95th National Day, Argaam reviews the key developments in Saudi Arabia since the launch of Vision 2030, including major decisions and large-scale projects across various sectors, aimed at boosting economic growth, improving living standards, achieving balanced development across the Kingdom’s regions, developing human capital, diversifying sources of production and income, and supporting the private sector. On April 25, 2016, the Saudi Cabinet, chaired by Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, approved Saudi Vision 2030, submitted by the Council of Economic and Development Affairs. At the time, King Salman said: “We hope that citizens will work together to achieve this ambitious vision.” Crown Prince Mohammed bin Salman then outlined the key features of Vision 2030, which included building a strong economy less dependent on oil, developing various economic sectors, transforming the Public Investment Fund (PIF) into a global investment powerhouse and increasing its assets to SAR 7 trillion, as well as transforming Saudi Aramco from an oil producer into a global industrial company. The vision is built on three key pillars that support sustainable development and a more resilient economy. Several programs were launched under Vision 2030 to translate its objectives into action, including the National Transformation Program, Public Investment Fund Program, Housing Program, Pilgrim Experience Program, Fiscal Sustainability Program, Human Capability Development Program, Quality of Life Program, Privatization Program, Health Sector Transformation Program, Financial Sector Development Program, and National Industrial Development and Logistics Program. Crown Prince and Prime Minister Mohammed bin Salman said Saudi Arabia would become the biggest success story of the 21st century, the fastest-growing economy, and one of the world’s strongest economies. Key achievements since the launch of Vision 2030 · Saudi Arabia’s nominal GDP exceeded $1 trillion for the first time, reaching SAR 4.2 trillion in 2022. · PIF assets under management grew nearly sixfold from SAR 570 billion by the end of 2015 to more than SAR 3.42 trillion by the end of 2024. · Major projects launched included NEOM, Qiddiya, The Red Sea Project, ROSHN, Diriyah and Riyadh Air. · Numerous companies were established across sectors including entertainment, tourism, defense, renewable energy, refinancing and sports. · Saudi Aramco was partially floated on the Saudi Exchange (Tadawul). In 2019, 1.5% of the company’s shares were offered and listed, marking the largest listing in Saudi market history and the world’s largest IPO at the time. The government also conducted a secondary public offering of 1.54 billion Aramco shares in 2024, representing about 0.64% of the company’s issued shares. · Saudi citizens’ homeownership rate rose from 47% in 2016 to around 66% in 2025. · Saudi Arabia joined with other oil-producing countries to establish OPEC+. In 2020, the group agreed to the largest oil production cut in the market’s history, helping restore stability and balance to global markets amid the impact of the COVID-19 pandemic. · The Kingdom launched a wide-ranging anti-corruption campaign, with total proceeds from anti-corruption settlements exceeding SAR 247 billion, equivalent to 20% of total non-oil revenues. · Saudi Arabia achieved Vision 2030’s target of reducing the unemployment rate among Saudi citizens to 7%, its lowest level on record. The Ministry of Human Resources aims to lower the rate further to 5%. During the same period, Saudi Arabia introduced several major initiatives and decisions, including approving the PIF’s five-year strategy; requiring government entities, starting in 2024, to stop contracting with foreign companies that have regional headquarters outside Saudi Arabia; transferring 4% of Aramco’s shares to PIF; and transferring another 4% to Sanabil Investments. The Kingdom also launched Boutique Group, a luxury hospitality company, and Trojena, a global mountain tourism destination in NEOM. It also introduced several strategies, including the National Development Fund Strategy and the Custodian of the Two Holy Mosques Scholarship Program Strategy. Diriyah was added as the fifth major project owned by PIF, the Events Investment Fund was launched and PIF expanded its investments in local and global companies. New Murabba Development Co. was established to develop a major urban downtown in Riyadh. Other initiatives included establishing Riyadh Air, launching the first phase of Riyadh Bus, establishing four special economic zones, launching the investment and privatization program for sports clubs, allocating $7.8 billion for Expo 2030, launching the master plan for logistics centers, and establishing a global water organization. Saudi Arabia also completed the transfer of 8% of Aramco’s total issued shares from state ownership to portfolios of companies wholly owned by PIF. The government also conducted a secondary public offering of 1.54 billion Aramco shares, representing about 0.64% of the company’s issued shares. The Kingdom raised its estimate of mineral wealth from SAR 4.9 trillion to SAR 9.4 trillion and launched a geographic survey project for renewable energy projects in the Kingdom. Key developments since the launch of Vision 2030: National Transformation Program 2020 The Saudi Cabinet approved the National Transformation Program 2020 in June 2016 as part of Vision 2030. The program aimed to set strategic targets for participating government entities, translate them into initiatives, implement them, and achieve their objectives. It also targeted adding 450,000 jobs in the non-government sector and strengthening partnerships with the private sector, which would cover 40% of government spending on initiatives. The program also aimed to boost local content by localizing more than SAR 270 billion in spending, increasing its value added and reducing reliance on imports. Sakani Program Sakani was launched in January 2017. More than 1.4 million families benefited from the program between 2017 and 2022. In the first half of 2024, 55,000 Saudi families benefited from the program, compared to 54,000 in the first half of 2025. The program targeted. providing 95,000 housing units by 2025, focusing on major regions with the highest demand for housing support. In 2023, Sakani launched an updated housing support program designed to meet beneficiaries’ needs based on their varying financing capabilities and housing requirements. Saudi Arabia aims to raise the homeownership rate to 70% by 2030 under the Housing Program, one of Vision 2030's initiatives. The homeownership rate among Saudi households reached 65.4% by the end of 2024. The number of homes occupied by Saudi families rose by about 233,000, or 2.7%, in 2024 to 4.4 million, accounting for 50.6% of all occupied homes. In May 2025, Saudi Arabia amended its housing support regulations, lowering the minimum age for housing support applicants to 20 from 25 and removing the requirement for a wife or divorced mother to be a dependent to qualify for housing support. Qiddiya Project Crown Prince Mohammed bin Salman launched Qiddiya in April 2017 as a major cultural, sports, and entertainment destination in the Kingdom, southwest of Riyadh. Spanning 334 square kilometers (sq km), Qiddiya is designed as a global entertainment destination and a hub for activities, discovery, and participation, aiming to reshape Saudi Arabia's entertainment sector and tap into opportunities in the local market. National Renewable Energy Program The National Renewable Energy Program was launched in April 2017 as a strategic initiative under Vision 2030 to maximize Saudi Arabia’s share of renewable energy generation. Investments in the program’s projects are expected to reach about SAR 60 billion, while grid-connected capacity is expected to reach 12,713 megawatts (MW) by the end of 2025 and 20,013 MW by the end of 2026. The Red Sea Crown Prince Mohammed bin Salman launched The Red Sea project in August 2017 as a global tourism destination in Saudi Arabia. Once completed, the project will develop 22 islands out of more than 90, create more than 70,000 jobs, attract about 1 million tourists annually, and contribute SAR 22 billion to the Kingdom’s GDP. The Red Sea destination welcomed its first guests in 2023 and currently has five operating resorts: Six Senses Southern Dunes, St. Regis Red Sea Resort, Nujuma, Ritz-Carlton Reserve, and Shura Island resorts Shebara and Desert Rock, both operated by Red Sea Global. Earlier this month, Red Sea Global opened the first resorts and attractions on Shura Island, which will soon begin welcoming guests. Once fully developed, Shura Island will feature 11 international resorts, opening in phases over the coming months. Two additional resorts — Miraval The Red Sea and Four Seasons Resort The Red Sea — are scheduled to open this year. NEOM Crown Prince Mohammed bin Salman launched NEOM in October 2017, backed by more than $500 billion from the Saudi government, PIF, as well as local and international investors. AMAALA PIF launched AMAALA in September 2018 as a luxury tourism destination on the Red Sea coast. PIF will provide the project’s initial funding and oversee its development as a premium tourism destination within the Prince Mohammed bin Salman Natural Reserve in northwestern Saudi Arabia. The project is expected to be fully completed by 2028. Once completed, the destination is expected to develop 22 islands out of more than 90, create more than 70,000 jobs, attract about 1 million tourists annually, and contribute SAR 22 billion to the Kingdom’s GDP. King Salman Park King Salman launched four major projects in Riyadh in March 2019, with a combined cost of SAR 86 billion: King Salman Park, Riyadh Green, Sports Boulevard and Riyadh Art. King Salman Park is set to become the world’s largest urban park, covering 13.4 sq km. It is being developed on the site of the former King Salman Air Base, Riyadh’s old airport, as an environmental, recreational, cultural, and investment project. The park will include gardens, green spaces, and open areas covering more than 9.3 million square meters (sqm). The project will also include residential, office, commercial, and hospitality facilities, including residential complexes with 12,000 housing units, 16 hotels with 2,300 hotel rooms, more than 500,000 sqm of retail space for restaurants, cafes, and shops, and office complexes covering 600,000 sqm. Sports Boulevard Sports Boulevard is a 135-km project connecting western and eastern Riyadh, designed to encourage residents to engage in sports and adopt healthier modes of transportation. In 2021, the Sports Boulevard Foundation awarded contracts worth SAR 2.48 billion to several Saudi companies to implement the project’s first phase in Riyadh. The first phase opened in February 2025 and included five destinations: Wadi Hanifah, The Promenade, the section between Prince Mohammed bin Salman bin Abdulaziz Road and Prince Turki bin Abdulaziz Al Awwal Road, the internal route at Princess Nourah bint Abdulrahman University, and the first phase of the Sand Sports Park. The project had completed 83 kms of its total length at the time, representing 40% overall completion. Riyadh Green Riyadh Green aims to lower temperatures, reduce energy consumption, improve air quality, generate economic benefits, and enhance quality of life by planting more than 7.5 million trees across Riyadh. The project is also designed to increase green space per capita from 1.7 sqm to 28 sqm, a 16-fold increase, and improve the city’s urban environment through tree planting in residential neighborhoods. It contributes to the targets of the Saudi Green Initiative and Vision 2030, including planting 10 billion trees across the Kingdom over the coming decades. Riyadh Art Riyadh Art aims to transform the capital into an open-air art gallery through the installation of more than 1,000 artworks and landmarks. Diriyah Gate King Salman attended the groundbreaking ceremony for the SAR 64 billion Diriyah Gate project in November 2019. The project is planned as a global tourism destination, with a master plan covering seven square kilometers. It will feature four plazas, an open-air amphitheater for gatherings and exploration, six museums, and an arts district. The Diriyah Gate Development Authority began the first phase of rehabilitation and development of historic Diriyah in June 2020, with a total investment of SAR 75 billion. Infrastructure works were 35% complete as of February 2025. King Abdulaziz International Airport, Jeddah King Salman inaugurated the new King Abdulaziz International Airport Terminal 1 in Jeddah in September 2019. The airport spans about 105 sq km and is being developed in three phases. The first phase is designed to accommodate 30 million passengers annually, while the second phase targets about 50 million passengers annually by 2025. The final phase is planned to raise capacity to 80 million passengers annually by 2035. THE LINE, NEOM Crown Prince Mohammed bin Salman launched THE LINE, a planned futuristic city in NEOM, in January 2021. Infrastructure costs for the project are estimated at between $100 billion and $200 billion. Crown Prince announces major investment opportunities In January 2021, the Crown Prince announced investment opportunities in Saudi Arabia worth up to $6 trillion over the following 10 years, including $3 trillion in investments in new projects. The opportunities were presented as part of Vision 2030’s efforts to unlock the Kingdom’s untapped potential and establish new and promising growth sectors. Crown Prince launches Coral Bloom In February 2021, Crown Prince Mohammed bin Salman, who also chairs The Red Sea Development Company, unveiled the Coral Bloom design concept for the main island of The Red Sea project. Crown Prince unveils Soudah Development Co. Crown Prince Mohammed bin Salman and Chairman of the Public Investment Fund (PIF), launched Soudah Development Co. (SDC) in the Aseer region, with expected investments of more than SAR 11 billion to invest in infrastructure and develop the tourism and entertainment sectors. Riyadh City Strategy In January 2021, the Crown Prince said Saudi Arabia aims to make Riyadh one of the world’s top 10 city economies and launch the world’s largest industrial city in the Saudi capital. Saudi Green Initiative and Middle East Green Initiative launched Crown Prince Mohammed bin Salman announced that the Saudi Green Initiative and the Middle East Green Initiative (MGI), which will launch soon, would chart the Kingdom’s and the region’s direction in protecting the environment and nature and establish a clear, ambitious roadmap, contributing significantly to achieving global targets. Saudi Arabia launches Shaheen Sat In March 2021, King Abdulaziz City for Science and Technology announced the successful launch of Saudi Satellite Shaheen Sat, a satellite designed to capture Earth images and track ships from low Earth orbits. The satellite was launched from the Baikonur Cosmodrome in Kazakhstan aboard the Russian Soyuz rocket. Crown Prince launches Shareek program to boost private-sector partnership In March 2021, Crown Prince Mohammed bin Salman launched the Shareek program to boost private-sector partnership, aiming to support local companies and enable them to access SAR 5 trillion in domestic investments by 2030. In 2023, the program announced its first package of supported projects for eight national companies, with a total value of SAR 192.4 billion across several strategic and vital sectors. Major companies accounted for SAR 120 billion of the investments. These investments are expected to contribute more than SAR 466 billion to GDP by 2040 and create more than 64,000 jobs. “Journey Through Time Masterplan” design concept launched under AlUla Development Program In April 2021, the Crown Prince launched the design concept for the “Journey Through Time” master plan, aimed at revitalizing and developing AlUla’s main archaeological area. The project is a key component of the AlUla Development Program, which seeks to transform the region into a global destination for art, heritage, culture, and nature. The “Journey Through Time” master plan comprises three main phases, with the first phase scheduled for completion by the end of 2023. By 2035, the development strategy is expected to create 38,000 new jobs and contribute SAR 120 billion to Saudi Arabia’s GDP. Sakaka Solar Power Plant Inaugurated, PPAs Signed for 7 New Projects In April 2021, Crown Prince Mohammed bin Salman inaugurated the Sakaka solar power plant and witnessed the signing of power purchase agreements (PPAs) for seven new solar power projects across various regions of the Kingdom. National Transport and Logistics Strategy Launched Crown Prince Mohammed bin Salman launched the National Transport and Logistics Strategy, which includes a package of major enabling projects designed to achieve economic and social targets and adopts effective governance models to strengthen institutional performance across the transport ecosystem. The strategy coincided with renaming the Ministry of Transport as the Ministry of Transport and Logistics Services. The strategy aims to position the Kingdom fifth globally in air transit traffic, expand the number of destinations to more than 250 international destinations, and launch a new national carrier. In 2023, Crown Prince Mohammed bin Salman announced that the Public Investment Fund (PIF) had established Riyadh Air, the new national carrier, which was expected to commence operations in 2025. The company aims to operate flights to more than 100 destinations worldwide by 2030. Made in Saudi Program Launched The Ministry of Industry announced the launch of the “Made in Saudi” program to promote a “culture of loyalty to national products,” contributing to the localization of industries and achieving self-sufficiency at various levels. Riyadh Metro Begins Operations Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud inaugurated the Riyadh Metro project in late November 2024 at a total cost of $25 billion. The project comprises six lines spanning 176 kilometers and 85 stations, with all six lines brought into operation successively. The Riyadh Metro is integrated with the previously launched Riyadh Bus network, which spans 1,900 kilometers. Historic Jeddah Revitalization Project The Crown Prince launched the “Historic Jeddah Revitalization” project as part of the Historic Jeddah Development Program, which aims to enhance the area’s living environment an businesses and cultural projects, as well as a key destination for ambitious entrepreneurs. From the program’s launch through October 2024, work was completed to reinforce and preserve 233 heritage buildings featuring rich architectural and heritage elements that had been at risk of collapse. A total of 89 studies were also completed as the first phase of planning restoration works, while restoration was completed on 58 buildings and 35 heritage buildings were prepared and rehabilitated. Crown Prince Launches Human Capability Development Program, One of Saudi Vision 2030 Programs Crown Prince Mohammed bin Salman bin Abdulaziz, Prime Minister and Chairman of the Human Capability Development Program Committee, launched the Human Capability Development Program, one of the programs established to achieve the objectives of Saudi Vision 2030. The program’s plan comprises 89 initiatives aimed at achieving 16 strategic objectives of Saudi Vision 2030. Its strategy rests on three main pillars: developing a resilient and strong educational foundation for all, preparing for the future labor market locally and globally, and providing lifelong learning opportunities. Aseer Development Strategy Launched to Transform Region Into Global Tourism Destination The Crown Prince launched the Aseer Development Strategy under the theme “The Arabian Highland” in September 2021, aiming to transform Aseer into a year-round global destination through SAR 50 billion in diversified investments to finance vital projects and develop tourist attractions across Aseer’s mountain peaks. Crown Prince Launches National Investment Strategy The Crown Prince launched the National Investment Strategy in October 2021 as one of the key enablers for achieving Saudi Vision 2030 targets. The strategy aims to increase manufacturing GDP to SAR 895 billion by 2030, create 2.1 million jobs in the industrial sector and raise non-oil exports to SAR 557 billion by the end of 2030. THE RIG, World’s First Offshore Platform Tourism Destination, The Public Investment Fund (PIF) launched The RIG, a new tourism project to be developed on platforms inspired by offshore oil rigs. The project will cover more than 300,000 square meters near Al Juraid Island and the Berri oil field in the GCC, 40 kilometers off the coastline. By 2032, THE RIG is expected to attract more than 900,000 visitors annually, targeting a broad range of local, regional and international visitors. Over 700 Global Companies Move Regional Headquarters to Riyadh, Exceeding 2030 Target The number of regional headquarters of global companies in Saudi Arabia rose to more than 700, exceeding the target of 500 companies by 2030. Saudi Arabia Officially Wins Bid to Host Expo 2030 in Riyadh Saudi Arabia won the Bureau International des Expositions (BIE) General Assembly vote in November 2023 to host Expo 2030, after the Kingdom formally submitted its bid to host the event in Riyadh in October 2021. The bid received final approval in June 2025. Expo 2030 Riyadh will run from Oct. 1, 2030, through March 31, 2031, across an area of 6 million square meters, making it one of the largest World Expos in history. The allocated budget for hosting the event stands at $7.8 billion, or SAR 29.3 billion, and the event is expected to attract more than 40 million visits. Expo 2030 and its facilities are expected to contribute around SAR 241 billion to the Kingdom’s GDP during the construction phases and create 171,000 direct and indirect jobs. The operational phase is expected to contribute around SAR 21 billion to GDP. Saudi Citizenship Granted to Distinguished Experts and Specialists in Rare Fields Custodian of the Two Holy Mosques issued a number of decisions granting Saudi citizenship to distinguished experts and specialists in rare fields. In July 2024, royal approval was issued to grant Saudi citizenship to Argaam CEO Islam Zween. He holds a Master of Science degree from Alexandria University in Egypt and has more than 25 years of experience in technology, media and business management. Crown Prince Announces OXAGON, NEOM’s Industrial City and World’s Largest Floating Industrial Complex Crown Prince Mohammed bin Salman bin Abdulaziz, Chairman of NEOM, announced in November 2021 the establishment of OXAGON, NEOM’s industrial city, marking another step in NEOM’s master plan. The project aims to introduce a new model for future manufacturing hubs in line with NEOM’s strategy of redefining how humanity will live and work in the future. The Crown Prince said on the occasion: “OXAGON will be a catalyst for economic growth and diversity in NEOM in particular and the Kingdom in general, further meeting our ambitions under Vision 2030.” Energy Ministry Launches Major Gas Business Expansion Programs Saudi Arabia’s Ministry of Energy announced the commercial viability of the Kingdom’s vast unconventional resources and the launch of major programs to expand Saudi Aramco’s gas business, expecting the Jafurah field to produce 2 billion standard cubic feet per day of sales gas by 2030. Crown Prince Launches Jeddah Central Master Plan and Key Features The Crown Prince launched the master plan and key features of the Jeddah Central project, formerly known as New Jeddah Downtown, with total investments of up to SAR 75 billion. Crown Prince Launches Boutique Group for Ultra-Luxury Hospitality Crown Prince Mohammed bin Salman launched Boutique Group on Jan. 20, 2022, to develop, manage and operate a collection of the Kingdom’s iconic historic and cultural palaces and transform them into ultra-luxury boutique hotels, reviving the national heritage rooted in Saudi culture and providing an exceptional and unique hospitality experience. 8% of Saudi Aramco Shares Transferred to PIF, Sanabil Investments The Crown Prince announced on Feb. 13, 2022, the transfer of a 4% stake in Saudi Aramco to the Public Investment Fund. On April 14, 2023, he announced the transfer of another 4% stake in Saudi Aramco to Sanabil Investments, which is wholly owned by PIF. The Crown Prince said the transfers complement the Kingdom’s initiatives aimed at strengthening the national economy over the long term, diversifying its resources and creating further investment opportunities, contributing to the achievement of Saudi Vision 2030 targets. He added that the transfers help maximize PIF’s assets and increase its investment returns, strengthening the fund’s robust financial position and credit rating. TROJENA, NEOM’s Global Mountain Tourism Destination, Announced Crown Prince Mohammed bin Salman bin Abdulaziz, Chairman of NEOM, announced in March 2022 the establishment of TROJENA, NEOM’s new global mountain tourism destination. TROJENA will contribute to redefining global mountain tourism by providing an environmentally friendly tourism ecosystem in all its dimensions, in line with Saudi Vision 2030 targets to enhance quality of life and provide a safe and healthy lifestyle for all. Crown Prince Launches Custodian of the Two Holy Mosques Scholarship Program Strategy Crown Prince Mohammed bin Salman launched the strategy for the Custodian of the Two Holy Mosques Scholarship Program on March 7, 2022, marking a new phase in scholarship programs aimed at enhancing Saudi citizens’ competitiveness by improving human capital capabilities in new and promising sectors. Crown Prince Launches National Development Fund Strategy Crown Prince Mohammed bin Salman bin Abdulaziz, Deputy Prime Minister and Chairman of the National Development Fund, launched the National Development Fund strategy on March 14, 2022. The strategy aims to position the fund as a key enabler of the economic and social objectives of Saudi Vision 2030 by addressing existing development challenges in line with global best practices. It also targets contributing to the growth of the Kingdom’s real GDP by injecting more than SAR 570 billion by 2030, more than tripling the share of non-oil GDP to SAR 605 billion by 2030, and creating numerous employment opportunities across the Kingdom. In 2023, the Small and Medium Enterprises Bank, one of the development funds and banks affiliated with Saudi Arabia’s National Development Fund, officially launched its operations. Launch of Saudi Coffee Company The Public Investment Fund (PIF) launched the Saudi Coffee Company, which plans to invest about SAR 1.2 billion over 10 years in the Kingdom’s coffee sector. Health Holding Co. Center for National Health Insurance The Saudi cabinet approved in June 2022 the establishment of Health Holding Co. and the organization of the Center for National Health Insurance. Crown Prince Announces National RDI Aspirations and Priorities for Next Two Decades Crown Prince Mohammed bin Salman announced Saudi Arabia’s national aspirations and priorities for research, development and innovation (RDI) for the next two decades. They are based on four main priorities: human health; environmental sustainability and basic needs; leadership in energy and industry; and future economies. PIF Launches Aircraft Leasing Company PIF launched an aircraft leasing company, AviLease, which will focus on aircraft leasing, sales and fleet management services. The company will expand its operations by the purchase and lease back of aircraft, in addition to placing direct purchase orders with aircraft manufacturers. Crown Prince Announces Designs for The Line, Future City in NEOM Crown Prince Mohammed bin Salman, Chairman of NEOM, announced the designs for The Line, a human-centered city that represents a global model for sustainability and an ideal lifestyle in harmony with nature. Crown Prince Launches Infrastructure Works and Master Plan for Rua Al Madinah Project In August 2022, the Crown Prince launched infrastructure works and the master plan for the Rua Al Madinah project, spanning over 1.5 million sqm and targeting to create 47,000 hospitality units by 2030. Crown Prince Launches National Gaming Esports Strategy In September 2022, the Crown Prince launched the National Gaming and Esports Strategy, aimed at making the Kingdom a global hub for the sector by 2030. National Real Estate Registration Services Company In September 2022, PIF launched the National Real Estate Registration Services Company, known as the Real Estate Registry (RER), aimed at contributing to the regulation and development of the local real estate sector through an integrated digital platform. In cooperation with the Real Estate General Authority (REGA) and other government entities, the company seeks to establish a comprehensive real estate registry containing information on all real estate units and provide property registration services in line with best practices in the sector. Saudi Downtown to Develop Urban Centers and Destinations Across the Kingdom Crown Prince Mohammed bin Salman, Chairman of PIF, announced the launch of Saudi Downtown Co. (SDC), which aims to create and develop urban centers and diverse destinations across the Kingdom. Crown Prince Launches National Industrial Strategy Crown Prince Mohammed bin Salman, Prime Minister and Chairman of the Council of Economic and Development Affairs, launched the National Industrial Strategy after its approval by the cabinet. Crown Prince Launches National Global Supply Chain Initiative Crown Prince Mohammed bin Salman announced the launch of the National Global Supply Chain Initiative, which aims to strengthen the Kingdom’s position as a key hub and vital link in global supply chains. Launch of Halal Product Development Co. PIF announced the launch of Halal Product Development Co. (HPDC), which aims to invest in developing and localizing the halal products industry in the Kingdom. PIF Establishes Five Regional Investment Companies Crown Prince Mohammed bin Salman announced that PIF would establish five regional companies targeting investments in Jordan, Bahrain, Sudan, Iraq and Oman. Launch of Local Content Development Program to Boost Private Sector Competitiveness and Innovation PIF launched the Local Content Development Program, which aims to raise the contribution of the fund and its subsidiaries to local content to 60% by the end of 2025, while supporting and enabling the private sector and promoting the competitive and innovative advantages of national industries. Crown Prince Launches CEER, Saudi Arabia’s First EV Brand Crown Prince Mohammed bin Salman launched CEER, Saudi Arabia’s first electric vehicle brand. In 2023, the company obtained a license from the Ministry of Industry and Mineral Resources to establish an EV manufacturing facility spanning 1 million sqm in the Industrial Valley at King Abdullah Economic City. The company plans to launch its first vehicles in Q4 2026, followed by new models in 2027, 2028 and 2029. Crown Prince Approves Development Vision for Darin Tarout Islands and Orders Authority Establishment Crown Prince Mohammed bin Salman, based on a cabinet decision, approved the development vision and future initiatives for Darin and Tarout Islands, as well as the establishment of the Darin and Tarout Islands Development Authority. Crown Prince Launches Master Plan for King Salman International Airport in Riyadh Crown Prince Mohammed bin Salman launched the master plan for King Salman International Airport, positioning Riyadh as a gateway to the world and a global destination for transport, trade and tourism, while connecting East and West and strengthening the Kingdom’s position as a global logistics hub. Saudi Arabia Announces Discovery of Several Natural Gas Fields Energy Minister Prince Abdulaziz bin Salman announced that Saudi Aramco had discovered several natural gas fields in the Central Region, Empty Quarter, Northern Borders Region and Eastern Province. Second Phase of Saudization Program The Ministry of Human Resources and Social Development launched the second phase of the Saudization program, which aims to provide 170,000 job opportunities. Launch of Aseer Investment Co. PIF inaugurated Aseer Investment Co. as its investment arm in Aseer region, aimed at stimulating domestic and foreign direct investment to develop the region. Crown Prince Announces Development of Sindalah Island, NEOM’s First Luxury Coastal Destination In December 2022, the Crown Prince announced the development of Sindalah Island, NEOM’s first luxury coastal tourism destination and one of the key projects supporting the National Tourism Strategy. The island opened in October 2024. Riyadh Integrated Logistics Zone Inaugurated, Apple Named First Major Investor Transport and Logistics Services Minister Saleh Al-Jasser inaugurated the Integrated Logistics Zone in Riyadh in October 2022, announcing Apple as the zone’s first major investor. Diriyah Project Added as Fifth Major PIF-Owned Project Crown Prince Mohammed bin Salman announced in 2023 that the Diriyah Project had been added as the fifth major project owned by the Public Investment Fund. SAR 14B Events Investment Fund Launched Crown Prince Mohammed bin Salman launched the Events Investment Fund (EIF) under his chairmanship, with investment capital of SAR 14 billion. The fund aims to develop sustainable infrastructure supporting four promising sectors: culture, tourism, entertainment and sports, while building strategic partnerships to maximize impact in the targeted sectors and attract foreign investment. Saudi Arabia’s New Companies Law The new Companies Law and its implementing regulations came into force in Saudi Arabia on Thursday, Jan. 19, 2023. The law included provisions allowing the splitting of the nominal value of shares. 100M sqm of Land Allocated for Housing in Riyadh and Other Cities Municipal, Rural Affairs and Housing Minister Majed Al-Hogail announced that the Crown Prince had directed the allocation of 100 million sqm of land to the housing sector in Riyadh and other cities experiencing increases in land and property prices. PIF Invests SAR 5B in New Shares of Four Saudi Construction Companies PIF invested SAR 5 billion by subscribing to new shares in Nesma Partners Contracting Co., El Seif Engineers Contractors, AlBawani Holding, and Al-Mabani General Contractors. New Murabba Development Co. Launched to Develop World’s Largest Modern Downtown in Riyadh Crown Prince Mohammed bin Salman launched New Murabba Development Co. to develop the world’s largest modern downtown in Riyadh, contributing to the capital’s future development in line with the objectives of Saudi Vision 2030. Saudi Unemployment Rate Falls to Record-Low 7%, Meeting Vision 2030 Target The unemployment rate among Saudis continued to decline, reaching 7% in Q4 2024, its lowest level on record and meeting the Saudi Vision 2030 target. Saudi Arabia subsequently set a new target of reducing the unemployment rate among Saudis to 5% by 2030, after achieving the previous Vision target of 7% seven years ahead of schedule. Four Special Economic Zones in the Kingdom Open to Investors Worldwide Crown Prince Mohammed bin Salman, Prime Minister and Chairman of the Council of Economic and Development Affairs, announced the launch of four special economic zones (CEZ) in the Kingdom. Crown Prince Launches Sports Clubs Investment Privatization Project Crown Prince Mohammed bin Salman launched the Sports Clubs Investment and Privatization Project. Four Saudi sports clubs — Al-Ittihad, Al-Ahli, Al-Nassr and Al-Hilal — were announced to be transformed into companies, each to be owned by the Public Investment Fund and the respective club’s nonprofit sports institution. In addition, four clubs will be converted into companies, with ownership of these companies transferred to development entities. In July 2024, the Ministry of Sports, in coordination with the National Center for Privatization, began the second phase of the second track of the Sports Clubs Investment and Privatization Project, based on the Council of Ministers’ approval of the privatization project document for 14 sports clubs across various divisions. In July 2025, the ministry, in cooperation with the National Center for Privatization, announced the privatization of the first three Saudi sports clubs through a public offering: Al-Ansar, Al-Kholood and Al-Zulfi, with ownership transferred to investment entities. In June 2026, the Ministry of Sports and the National Center for Privatization announced the offering of five clubs to investment entities: Al-Riyadh, Abha, Al-Fateh, Al-Tai and Al-Shoalah. Crown Prince Launches New Strategy for King Abdullah University of Science and Technology Crown Prince Mohammed bin Salman, Chairman of the Board of Trustees of King Abdullah University of Science and Technology (KAUST), launched the university’s new strategy, which aims to transform science and research into innovations with economic returns by focusing on national research, development and innovation priorities, in addition to strengthening productive international and local partnerships and partnerships with the private sector, contributing to the objectives of Saudi Vision 2030. Crown Prince Launches Master Plan for Logistics Centers to Position Kingdom as Global Logistics Hub Crown Prince Mohammed, Crown Prince and Chairman of the Supreme Committee for Transport and Logistics Services, launched the master plan for logistics centers, which aims to develop the Kingdom’s logistics sector infrastructure, diversify the local economy, and strengthen the Kingdom’s position as a leading investment destination and global logistics hub. Crown Prince Announces Establishment of Global Water Organization Headquartered in Riyadh Crown Prince Mohammed bin Salman, Prime Minister, announced the establishment by Saudi Arabia of a global water organization headquartered in Riyadh. Crown Prince Launches Master Plan for Soudah Peaks Project Crown Prince Mohammed bin Salman launched the master plan for the development of Soudah and parts of Rijal Almaa under the name Soudah Peaks. First Lucid Car Factory Opens in Saudi Arabia Lucid Group, the US electric vehicle manufacturer partially owned by the Public Investment Fund, opened its first car factory in Saudi Arabia in King Abdullah Economic City. PIF Establishes Al Balad Development, Master developer of Historic Jeddah PIF announced the establishment of Al Balad Development as the master developer of the historic Jeddah district of Al-Balad. EV Infrastructure Company In October 2023, the Public Investment Fund and Saudi Energy Company announced the launch of the Electric Vehicle (EV) Infrastructure Company to develop high-quality infrastructure to support fast-charging services for electric vehicles in the Kingdom. PIF establishes Tasaru Mobility Investments PIF established the National Automotive and Mobility Investment Co. (Tasaru Mobility Investments). The investment company specializes in developing local supply chain capabilities for the automotive and mobility industry in the Kingdom. Crown Prince unveils master plan for new Abha International Airport Crown Prince and Prime Minister Mohammed bin Salman launched the master plan for the new Abha International Airport. The airport will have an annual capacity of more than 13 million passengers, up from 1.5 million currently, and will handle more than 90,000 flights annually, compared with 30,000 at present. Crown Prince launches Ardara, Wadi Abha as first project Crown Prince and Prime Minister Mohammed bin Salman launched Ardara to develop Wadi Abha in the Asir region as the company’s first project. The development will serve as an urban center and an attractive tourism destination for local and international visitors, in line with the objectives of Saudi Vision 2030. Crown Prince launches Esports World Cup Crown Prince and Prime Minister Mohammed bin Salman announced the launch of the Esports World Cup, the world’s largest event of its kind, which Saudi Arabia will host annually in Riyadh starting in summer 2024. FIFA President Announces Saudi Arabia as Host Of 2034 World Cup Gianni Infantino, President of the Fédération Internationale de Football Association (FIFA), announced that Saudi Arabia will host the 2034 FIFA World Cup. FIFA also unveiled details of Saudi Arabia’s bid to host the largest-ever edition of the World Cup to be held in a single country. The tournament will be held across five major cities: Riyadh, Jeddah, Khobar, Abha, and NEOM. Crown Prince Launches Qiddiya City Master Plan and Brand Prince Mohammed bin Salman, Crown Prince, Prime Minister, and Chairman of Qiddiya Investment Co., launched the master plan for Qiddiya City and Qiddiya’s global brand. PIF Establishes Dan to Develop Rural, Ecotourism Projects PIF announced the establishment of Dan Co., a company specializing in developing rural and ecotourism projects. The company plans to develop distinctive tourism projects in several cities featuring unique natural and agricultural attractions. Riyadh Bus Main Network The Royal Commission for Riyadh City (RCRC) completed the main network of the Riyadh Bus service as part of the King Abdulaziz Public Transport Project in Riyadh. The network comprises 54 routes served by 679 buses across 2,145 stations and stops. Tax Incentives Introduced to Attract Global Companies’ Regional Headquarters The Ministry of Investment, in coordination with the Ministry of Finance (MOF) and the Zakat, Tax and Customs Authority (ZATCA), announced a new package of tax incentives for 30 years to support the Regional Headquarters Program. The incentives aim to encourage global companies to establish their regional headquarters in Saudi Arabia and facilitate the process. Saudi Arabia’s Mineral Wealth Valuation Rises to SAR 9.4T Saudi Arabia raised its estimated value of mineral wealth from $1.3 trillion in the 2016 assessment to $2.5 trillion, equivalent to an increase from SAR 4.9 trillion to SAR 9.4 trillion. In September 2026, Minister of Energy and Minister of Industry and Mineral Resources Prince Abdulaziz bin Salman said geological exploration at the Jabal Sayid project in Madinah had identified an estimated 110 million tons of ore. The ore contains high concentrations of rare earth minerals, particularly heavy rare earth elements, along with promising concentrations of uranium. The discovery places the project among the world’s most significant rare earth mineral resource sites currently under development. National Biotechnology Strategy Crown Prince and Prime Minister Mohammed bin Salman launched the National Biotechnology Strategy, which aims to strengthen Saudi Arabia’s position as a global leader in the sector. The strategy will focus on improving national health and quality of life, protecting the environment, enhancing food and water security, maximizing economic opportunities, and localizing promising industries, in line with the objectives of Saudi Vision 2030. Crown Prince launches Alat Crown Prince and Prime Minister Mohammed bin Salman announced the establishment of Alat, a PIF company, to position Saudi Arabia as a global hub for sustainable industries focused on advanced technology and electronics. Saudi Arabia completes rollout of Euro 5 clean diesel and gasoline fuels The Ministry of Energy announced the completion of the rollout of Euro 5 clean diesel and gasoline across Saudi Arabia, replacing the fuels previously available in the market. PIF-Owned Companies Acquires 8% of Aramco Shares Crown Prince and Prime Minister Mohammed bin Salman announced the completion of the transfer of 8% of Saudi Aramco’s total issued shares from state ownership to portfolios of companies wholly owned by the PIF. Construction Begins on Ceer EV Manufacturing Complex Ceer awarded a contract to build its electric vehicle (EV) manufacturing complex in King Abdullah Economic City (KAEC), valued at approximately SAR 5 billion. PIF Launches Neo Space Group The PIF announced the establishment of Neo Space Group (NSG), wholly owned by the fund. NSG focused on space and satellite services. Saudi Aramco Offers 1.545B Shares in Secondary Public Offering The Government of Saudi Arabia and Saudi Aramco announced the launch of a secondary public offering of the company’s ordinary shares. The offering comprises 1.545 billion shares, representing approximately 0.64% of the company’s issued shares. Saudi Arabia Launches Geographical Survey Project for Renewable Energy Projects The Saudi Ministry of Energy launched a geographical survey project for renewable energy projects in the Kingdom. Contracts for the project were awarded to national companies to install 1,200 solar and wind energy monitoring stations across all regions of Saudi Arabia. First Phase of Riyadh Parking Project The Riyadh Municipality launched the first phase of the Riyadh Parking project, which includes establishing and managing more than 24,000 public parking spaces on public and commercial streets. The project also covers the management of more than 140,000 parking spaces in adjacent residential neighborhoods across 12 areas. Launch of Boulevard Business Park in Riyadh with investments exceeding SAR 1 billion Turki Alalshikh, Chairman of the General Entertainment Authority, announced the launch of the “Boulevard Business Park” project within the “Boulevard City” area, as the first phase of the urban plan to redevelop and reorganize the “Boulevard District” area in partnership with the private sector, with investments exceeding SAR 1 billion. Saudi Arabia Rises to Fourth Globally in The UN E-Government Development Index Saudi Arabia climbed 25 places in the 2024 United Nations E-Government Development Index, ranking fourth globally, first regionally, and second among G20 countries in the Digital Services Index. PIF Establishes SARC To Meet Demand for Residential Solutions for Workers The PIF announced the establishment of Smart Accommodation for Residential Communities (SARC), a real estate development and management company for residential communities serving all categories of workers involved in major construction and development projects in the Kingdom. 2026 Budget Announced The Council of Ministers approved the state’s general budget for 2026, with total expenditures set at SAR 1.31 trillion and revenues estimated at SAR 1.14 trillion, resulting in an expected deficit of SAR 165.4 billion. Crown Prince Launches the National Red Sea Sustainability Strategy The Crown Prince launched the National Red Sea Sustainability Strategy, which aims to protect the Red Sea ecosystem and strengthen cooperation frameworks to ensure its sustainability. PIF launches Adeera Hotel Management Company The PIF announced the launch of Adeera, a hotel management company that aims to become a leading national company driving the hospitality sector in the Kingdom and contributing to enhancing the expertise and skills of national talent by developing new Saudi hospitality brands to international standards. Establishment of Supreme Authority for Hosting FIFA World Cup 2034 Crown Prince Mohammed bin Salman bin Abdulaziz announced the establishment of the Supreme Authority for Hosting the 2034 FIFA World Cup, reaffirming the Kingdom of Saudi Arabia’s determination to deliver an exceptional edition of the world’s most prominent football event. Saudi Arabia Launches Standard Incentives for Industrial Sector with SAR 10B allocations The Ministry of Industry and Mineral Resources, in cooperation with the Ministry of Investment, announced in January 2025 the launch of standard incentives for the industrial sector, aimed at enabling and developing local manufacturing of products not yet produced in the Kingdom and driving the sustainable competitiveness of the industrial sector. Ministry of Industry launches 15 enablers and incentives for enterprises under Economic Operator Program The Ministry of Industry and Mineral Resources launched 15 enablers and incentives for enterprises participating in the “Authorized Saudi Economic Operator” program, reflecting its recognition of the program’s importance in supporting the competitiveness of Saudi exports and enhancing their access to global markets, thereby strengthening the Kingdom’s position as a global logistics hub. Second Package of Riyadh Road Development Program at SAR 8B The Royal Commission for Riyadh City announced the commencement of the second package of projects under the program to develop circular and major road corridors in Riyadh. The package comprises eight projects with a total cost exceeding SAR 8 billion. Saudi Arabia Launches First Industrial Zone Dedicated to Aircraft Manufacturing And Maintenance in Jeddah Saudi Arabia launched its first industrial zone dedicated to aircraft manufacturing and maintenance in Jeddah during the Aviation Industry Forum held in the city. PIF Launches Al Waha Company Specializing in Duty-Free Retail The PIF announced the launch of Al Waha Duty-Free Co. (Al Waha), a company specializing in retail sales to travelers. It will be the first Saudi-owned company to operate duty-free outlets. Crown Prince Launches Saudi Architecture Map Featuring 19 Styles Crown Prince Mohammed bin Salman launched the Saudi Architecture Map, which features 19 architectural styles inspired by the Kingdom’s geographical and cultural characteristics. The initiative forms part of efforts to celebrate the Kingdom’s architectural heritage, enhance quality of life, and develop the urban landscape in Saudi cities, in line with the objectives of Saudi Vision 2030. Crown Prince Directs Measures to Achieve Balance in Riyadh’s Real Estate Sector Crown Prince and Prime Minister Mohammed bin Salman directed the adoption of a number of measures based on studies conducted by the Royal Commission for Riyadh City and the Council of Economic and Development Affairs concerning the real estate sector and the rise in land and rental prices in Riyadh in recent years, with the aim of achieving balance in the real estate sector. Amendments to the White Land Fees System The Saudi Council of Ministers, chaired by Crown Prince and Prime Minister Mohammed bin Salman, approved amendments to the White Land Fees System. 8 New Arabian Oil Discoveries 6 Natural Gas Discoveries in Saudi Arabia Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Energy, announced that Saudi Aramco had discovered 14 new oil and natural gas fields and reservoirs in the Eastern Province and the Empty Quarter. The new discoveries comprised six fields and two reservoirs containing Arabian oil, as well as two fields and four reservoirs containing natural gas. Amendments to Housing Support Regulation The Council of Ministers, chaired by Crown Prince Mohammed bin Salman, approved amendments to the Housing Support Regulation, including reducing the minimum eligibility age for housing support applicants to 20 years, from 25 years prior to the amendment. PIF Launches Company to Build Operate Expo 2030 Riyadh Facilities The PIF announced the launch of Expo 2030 Riyadh Company, which is wholly owned by the Fund. The company will build and operate the facilities of Expo 2030 Riyadh, the first event of its kind in the Kingdom, and invest in its facilities over the long term. PIF Establishes First Commercial Paper Program The PIF announced the establishment of a global commercial paper program, noting that the move adds a new financing instrument to the fund’s existing financing tools. Launch Of the Seventh Phase of National Renewable Energy Program The Saudi Power Procurement Co. (SPPC), the principal buyer, announced the opening of the qualification process for the seventh phase of solar and wind energy projects, with a total capacity of 5,300 MW, as part of the National Renewable Energy Program overseen by the Ministry of Energy. Launch Of Real Estate Balance Platform To Receive Citizens’ Applications To Purchase Residential Land in Riyadh The Royal Commission for Riyadh City launched the “Real Estate Balance” platform to receive applications from citizens seeking to obtain residential land in Riyadh. 52,000 Foreign Companies Registered in Saudi Arabia Saudi Arabia continued to attract foreign investment despite weakness in global markets, with the number of foreign companies registered in Saudi Arabia rising to 52,000, compared with around 5,000 at the beginning of Vision 2030. FDI hits SAR 133 billion in 2025 Foreign direct investment (FDI) inflows into Saudi Arabia reached SAR 133 billion in 2025, up 12% from SAR 119 billion a year earlier. FDI outflows decreased to SAR 11 billion, compared with SAR 39 billion in 2024. Saudi Arabia advances to 23rd rank globally on Investment Attractiveness Index Saudi Arabia’s mining sector ranked 23rd globally on the Investment Attractiveness Index in the Fraser Institute’s 2024 Annual Survey of Mining Companies. Operational factories in Saudi Arabia reach 10,394 At the end of 2025, the Kingdom was home to about 10,394 operational factories, employing around 904,000 workers, with total investments exceeding SAR 76.1 billion. The factories started production with SAR 31.2 billion in investments. Saudi Arabia ranks 1st globally by international tourism revenue growth Saudi Arabia ranked first globally as the fastest-growing destination in international tourism revenues in Q1 2025 compared with Q1 2019, according to the UN World Tourism Organization’s May 2025 World Tourism Barometer report. PIF launches Tasama The Public Investment Fund (PIF) launched Tasama Business Services Co. (Tasama), a wholly owned subsidiary, to strengthen the integrated business ecosystem and drive further economic growth in both the public and private sectors. Saudi population grows to 35.3 million The Kingdom’s population rose 4.7% year-on-year to 35.3 million at the end of 2024. GCC residents allowed to invest in Main Market The Saudi market regulator approved amendments to investment account rules, allowing residents of GCC countries, as well as former residents of Saudi Arabia and the Gulf, to invest directly in the Main Market. PIF approves 2026-2030 strategy The Public Investment Fund’s (PIF) board, chaired by Crown Prince and Prime Minister Mohammed bin Salman, approved the fund’s 2026–2030 strategy. Building on PIF’s long-term direction, the strategy will focus on developing highly competitive domestic economic ecosystems, fostering greater integration across sectors, maximizing the value of strategic assets and delivering sustainable returns. It will also support Saudi Arabia’s ongoing economic transformation and enhance citizens’ quality of life. PIF assets grow to SAR 3.39 trillion The Kingdom’s sovereign wealth fund said its assets under management (AUM) reached SAR 3.40 trillion in 2025, including SAR 30 billion in recoverable amounts from other entities. AUM comprised SAR 663 billion in international investments, SAR 2.57 trillion in domestic investments and SAR 133 billion in the treasury portfolio. Saudi market opens to all foreign investors The Capital Market Authority (CMA) announced that Saudi Arabia’s capital market will be opened to all categories of foreign investors, allowing them to invest directly from Feb. 1, 2026. The move follows the CMA board’s approval of a regulatory framework allowing non-resident foreign investors to invest directly in the Main Market, effectively opening the Saudi capital market to investors worldwide. RCRC awards Riyadh Metro's Red Line extension The Royal Commission for Riyadh City (RCRC) announced the award of a project for the design, implementation, and completion of the new extension of the Red Line within the Riyadh Metro network. A total of 8.4 kilometers will be added to the current line, extending from King Saud University to the Diriyah Gate Development project, which includes five new stations. Cabinet OKs National Insurance Sector Strategy The Saudi Cabinet approved the National Insurance Sector Strategy. The strategy targets three key objectives: strengthening insurance protection for individuals and businesses, developing a sustainable and efficient insurance market, and expanding insurance coverage for national risks. 93% of Saudi Vision 2030 KPIs met or nearly reached their targets Around 93% of Saudi Vision 2030 key performance indicators (KPIs) either met or exceeded, or nearly reached their targets. Saudi Arabia climbs to 13th in 2026 World Competitiveness Ranking Saudi Arabia, US sign cooperation agreement on peaceful uses of nuclear energy Saudi Arabia and the United States signed an agreement on cooperation in the peaceful uses of nuclear energy, as part of the two countries’ strategic partnership. PIF launches Tawrid to provide supply-chain financing PIF launched Tawrid, a digital platform specializing in supply chain financing solutions for companies operating in the Saudi market. Crown Prince launches Ceer’s first locally manufactured vehicles Crown Prince Mohammed bin Salman launched Ceer’s first locally produced vehicle, the Exobot.

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‎ Saudi Arabia celebrates its National Day today, Sept. 23 each year, marking the unification and founding of the Kingdom on Sept. 23, 1932, under the leadership of its founder, King Abdulaziz bin Abdulrahman Al Saud. King Abdulaziz bin Abdulrahman Al Saud Reign: Sept. 23, 1932 – Nov. 9, 1953 King Abdulaziz was succeeded by his sons, who have ruled the Kingdom ever since. King Saud bin Abdulaziz Al Saud Reign: Nov. 9, 1953 – Nov. 2, 1964 King Faisal bin Abdulaziz Al Saud Reign: Nov. 2, 1964 – March 25, 1975 King Khalid bin Abdulaziz Al Saud Reign: March 25, 1975 – June 13, 1982 King Fahd bin Abdulaziz Al Saud Reign: June 13, 1982 – Aug. 1, 2005 King Abdullah bin Abdulaziz Al Saud Reign: Aug. 1, 2005 – Jan. 23, 2015 King Salman bin Abdulaziz Al Saud Reign: Jan. 23, 2015 – present The Kingdom celebrates its 96th National Day under the slogan “Our Pride Is in Our Nature,” which reflects pride in the nation and a sense of belonging, drawing on the authentic values and traits that characterize Saudi society, including courage, vision, authenticity, determination, generosity, and giving. The slogan’s key values are captured in the phrases “Our Pride Is in Our Courage,” “Our Pride Is in Our Vision,” “Our Pride Is in Our Authenticity,” “Our Pride Is in Our Determination,” “Our Pride Is in Our Generosity,” and “Our Pride Is in Our Giving.” Each phrase represents an authentic trait of Saudi society, all under the main slogan, “Our Pride Is in Our Nature.” To mark the 95th National Day, Argaam reviews the key developments in Saudi Arabia since the launch of Vision 2030, including major decisions and large-scale projects across various sectors, aimed at boosting economic growth, improving living standards, achieving balanced development across the Kingdom’s regions, developing human capital, diversifying sources of production and income, and supporting the private sector. On April 25, 2016, the Saudi Cabinet, chaired by Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, approved Saudi Vision 2030, submitted by the Council of Economic and Development Affairs. At the time, King Salman said: “We hope that citizens will work together to achieve this ambitious vision.” Crown Prince Mohammed bin Salman then outlined the key features of Vision 2030, which included building a strong economy less dependent on oil, developing various economic sectors, transforming the Public Investment Fund (PIF) into a global investment powerhouse and increasing its assets to SAR 7 trillion, as well as transforming Saudi Aramco from an oil producer into a global industrial company. The vision is built on three key pillars that support sustainable development and a more resilient economy. Several programs were launched under Vision 2030 to translate its objectives into action, including the National Transformation Program, Public Investment Fund Program, Housing Program, Pilgrim Experience Program, Fiscal Sustainability Program, Human Capability Development Program, Quality of Life Program, Privatization Program, Health Sector Transformation Program, Financial Sector Development Program, and National Industrial Development and Logistics Program. Crown Prince and Prime Minister Mohammed bin Salman said Saudi Arabia would become the biggest success story of the 21st century, the fastest-growing economy, and one of the world’s strongest economies. Key achievements since the launch of Vision 2030 · Saudi Arabia’s nominal GDP exceeded $1 trillion for the first time, reaching SAR 4.2 trillion in 2022. · PIF assets under management grew nearly sixfold from SAR 570 billion by the end of 2015 to more than SAR 3.42 trillion by the end of 2024. · Major projects launched included NEOM, Qiddiya, The Red Sea Project, ROSHN, Diriyah and Riyadh Air. · Numerous companies were established across sectors including entertainment, tourism, defense, renewable energy, refinancing and sports. · Saudi Aramco was partially floated on the Saudi Exchange (Tadawul). In 2019, 1.5% of the company’s shares were offered and listed, marking the largest listing in Saudi market history and the world’s largest IPO at the time. The government also conducted a secondary public offering of 1.54 billion Aramco shares in 2024, representing about 0.64% of the company’s issued shares. · Saudi citizens’ homeownership rate rose from 47% in 2016 to around 66% in 2025. · Saudi Arabia joined with other oil-producing countries to establish OPEC+. In 2020, the group agreed to the largest oil production cut in the market’s history, helping restore stability and balance to global markets amid the impact of the COVID-19 pandemic. · The Kingdom launched a wide-ranging anti-corruption campaign, with total proceeds from anti-corruption settlements exceeding SAR 247 billion, equivalent to 20% of total non-oil revenues. · Saudi Arabia achieved Vision 2030’s target of reducing the unemployment rate among Saudi citizens to 7%, its lowest level on record. The Ministry of Human Resources aims to lower the rate further to 5%. During the same period, Saudi Arabia introduced several major initiatives and decisions, including approving the PIF’s five-year strategy; requiring government entities, starting in 2024, to stop contracting with foreign companies that have regional headquarters outside Saudi Arabia; transferring 4% of Aramco’s shares to PIF; and transferring another 4% to Sanabil Investments. The Kingdom also launched Boutique Group, a luxury hospitality company, and Trojena, a global mountain tourism destination in NEOM. It also introduced several strategies, including the National Development Fund Strategy and the Custodian of the Two Holy Mosques Scholarship Program Strategy. Diriyah was added as the fifth major project owned by PIF, the Events Investment Fund was launched and PIF expanded its investments in local and global companies. New Murabba Development Co. was established to develop a major urban downtown in Riyadh. Other initiatives included establishing Riyadh Air, launching the first phase of Riyadh Bus, establishing four special economic zones, launching the investment and privatization program for sports clubs, allocating $7.8 billion for Expo 2030, launching the master plan for logistics centers, and establishing a global water organization. Saudi Arabia also completed the transfer of 8% of Aramco’s total issued shares from state ownership to portfolios of companies wholly owned by PIF. The government also conducted a secondary public offering of 1.54 billion Aramco shares, representing about 0.64% of the company’s issued shares. The Kingdom raised its estimate of mineral wealth from SAR 4.9 trillion to SAR 9.4 trillion and launched a geographic survey project for renewable energy projects in the Kingdom. Key developments since the launch of Vision 2030: National Transformation Program 2020 The Saudi Cabinet approved the National Transformation Program 2020 in June 2016 as part of Vision 2030. The program aimed to set strategic targets for participating government entities, translate them into initiatives, implement them, and achieve their objectives. It also targeted adding 450,000 jobs in the non-government sector and strengthening partnerships with the private sector, which would cover 40% of government spending on initiatives. The program also aimed to boost local content by localizing more than SAR 270 billion in spending, increasing its value added and reducing reliance on imports. Sakani Program Sakani was launched in January 2017. More than 1.4 million families benefited from the program between 2017 and 2022. In the first half of 2024, 55,000 Saudi families benefited from the program, compared to 54,000 in the first half of 2025. The program targeted. providing 95,000 housing units by 2025, focusing on major regions with the highest demand for housing support. In 2023, Sakani launched an updated housing support program designed to meet beneficiaries’ needs based on their varying financing capabilities and housing requirements. Saudi Arabia aims to raise the homeownership rate to 70% by 2030 under the Housing Program, one of Vision 2030's initiatives. The homeownership rate among Saudi households reached 65.4% by the end of 2024. The number of homes occupied by Saudi families rose by about 233,000, or 2.7%, in 2024 to 4.4 million, accounting for 50.6% of all occupied homes. In May 2025, Saudi Arabia amended its housing support regulations, lowering the minimum age for housing support applicants to 20 from 25 and removing the requirement for a wife or divorced mother to be a dependent to qualify for housing support. Qiddiya Project Crown Prince Mohammed bin Salman launched Qiddiya in April 2017 as a major cultural, sports, and entertainment destination in the Kingdom, southwest of Riyadh. Spanning 334 square kilometers (sq km), Qiddiya is designed as a global entertainment destination and a hub for activities, discovery, and participation, aiming to reshape Saudi Arabia's entertainment sector and tap into opportunities in the local market. National Renewable Energy Program The National Renewable Energy Program was launched in April 2017 as a strategic initiative under Vision 2030 to maximize Saudi Arabia’s share of renewable energy generation. Investments in the program’s projects are expected to reach about SAR 60 billion, while grid-connected capacity is expected to reach 12,713 megawatts (MW) by the end of 2025 and 20,013 MW by the end of 2026. The Red Sea Crown Prince Mohammed bin Salman launched The Red Sea project in August 2017 as a global tourism destination in Saudi Arabia. Once completed, the project will develop 22 islands out of more than 90, create more than 70,000 jobs, attract about 1 million tourists annually, and contribute SAR 22 billion to the Kingdom’s GDP. The Red Sea destination welcomed its first guests in 2023 and currently has five operating resorts: Six Senses Southern Dunes, St. Regis Red Sea Resort, Nujuma, Ritz-Carlton Reserve, and Shura Island resorts Shebara and Desert Rock, both operated by Red Sea Global. Earlier this month, Red Sea Global opened the first resorts and attractions on Shura Island, which will soon begin welcoming guests. Once fully developed, Shura Island will feature 11 international resorts, opening in phases over the coming months. Two additional resorts — Miraval The Red Sea and Four Seasons Resort The Red Sea — are scheduled to open this year. NEOM Crown Prince Mohammed bin Salman launched NEOM in October 2017, backed by more than $500 billion from the Saudi government, PIF, as well as local and international investors. AMAALA PIF launched AMAALA in September 2018 as a luxury tourism destination on the Red Sea coast. PIF will provide the project’s initial funding and oversee its development as a premium tourism destination within the Prince Mohammed bin Salman Natural Reserve in northwestern Saudi Arabia. The project is expected to be fully completed by 2028. Once completed, the destination is expected to develop 22 islands out of more than 90, create more than 70,000 jobs, attract about 1 million tourists annually, and contribute SAR 22 billion to the Kingdom’s GDP. King Salman Park King Salman launched four major projects in Riyadh in March 2019, with a combined cost of SAR 86 billion: King Salman Park, Riyadh Green, Sports Boulevard and Riyadh Art. King Salman Park is set to become the world’s largest urban park, covering 13.4 sq km. It is being developed on the site of the former King Salman Air Base, Riyadh’s old airport, as an environmental, recreational, cultural, and investment project. The park will include gardens, green spaces, and open areas covering more than 9.3 million square meters (sqm). The project will also include residential, office, commercial, and hospitality facilities, including residential complexes with 12,000 housing units, 16 hotels with 2,300 hotel rooms, more than 500,000 sqm of retail space for restaurants, cafes, and shops, and office complexes covering 600,000 sqm. Sports Boulevard Sports Boulevard is a 135-km project connecting western and eastern Riyadh, designed to encourage residents to engage in sports and adopt healthier modes of transportation. In 2021, the Sports Boulevard Foundation awarded contracts worth SAR 2.48 billion to several Saudi companies to implement the project’s first phase in Riyadh. The first phase opened in February 2025 and included five destinations: Wadi Hanifah, The Promenade, the section between Prince Mohammed bin Salman bin Abdulaziz Road and Prince Turki bin Abdulaziz Al Awwal Road, the internal route at Princess Nourah bint Abdulrahman University, and the first phase of the Sand Sports Park. The project had completed 83 kms of its total length at the time, representing 40% overall completion. Riyadh Green Riyadh Green aims to lower temperatures, reduce energy consumption, improve air quality, generate economic benefits, and enhance quality of life by planting more than 7.5 million trees across Riyadh. The project is also designed to increase green space per capita from 1.7 sqm to 28 sqm, a 16-fold increase, and improve the city’s urban environment through tree planting in residential neighborhoods. It contributes to the targets of the Saudi Green Initiative and Vision 2030, including planting 10 billion trees across the Kingdom over the coming decades. Riyadh Art Riyadh Art aims to transform the capital into an open-air art gallery through the installation of more than 1,000 artworks and landmarks. Diriyah Gate King Salman attended the groundbreaking ceremony for the SAR 64 billion Diriyah Gate project in November 2019. The project is planned as a global tourism destination, with a master plan covering seven square kilometers. It will feature four plazas, an open-air amphitheater for gatherings and exploration, six museums, and an arts district. The Diriyah Gate Development Authority began the first phase of rehabilitation and development of historic Diriyah in June 2020, with a total investment of SAR 75 billion. Infrastructure works were 35% complete as of February 2025. King Abdulaziz International Airport, Jeddah King Salman inaugurated the new King Abdulaziz International Airport Terminal 1 in Jeddah in September 2019. The airport spans about 105 sq km and is being developed in three phases. The first phase is designed to accommodate 30 million passengers annually, while the second phase targets about 50 million passengers annually by 2025. The final phase is planned to raise capacity to 80 million passengers annually by 2035. THE LINE, NEOM Crown Prince Mohammed bin Salman launched THE LINE, a planned futuristic city in NEOM, in January 2021. Infrastructure costs for the project are estimated at between $100 billion and $200 billion. Crown Prince announces major investment opportunities In January 2021, the Crown Prince announced investment opportunities in Saudi Arabia worth up to $6 trillion over the following 10 years, including $3 trillion in investments in new projects. The opportunities were presented as part of Vision 2030’s efforts to unlock the Kingdom’s untapped potential and establish new and promising growth sectors. Crown Prince launches Coral Bloom In February 2021, Crown Prince Mohammed bin Salman, who also chairs The Red Sea Development Company, unveiled the Coral Bloom design concept for the main island of The Red Sea project. Crown Prince unveils Soudah Development Co. Crown Prince Mohammed bin Salman and Chairman of the Public Investment Fund (PIF), launched Soudah Development Co. (SDC) in the Aseer region, with expected investments of more than SAR 11 billion to invest in infrastructure and develop the tourism and entertainment sectors. Riyadh City Strategy In January 2021, the Crown Prince said Saudi Arabia aims to make Riyadh one of the world’s top 10 city economies and launch the world’s largest industrial city in the Saudi capital. Saudi Green Initiative and Middle East Green Initiative launched Crown Prince Mohammed bin Salman announced that the Saudi Green Initiative and the Middle East Green Initiative (MGI), which will launch soon, would chart the Kingdom’s and the region’s direction in protecting the environment and nature and establish a clear, ambitious roadmap, contributing significantly to achieving global targets. Saudi Arabia launches Shaheen Sat In March 2021, King Abdulaziz City for Science and Technology announced the successful launch of Saudi Satellite Shaheen Sat, a satellite designed to capture Earth images and track ships from low Earth orbits. The satellite was launched from the Baikonur Cosmodrome in Kazakhstan aboard the Russian Soyuz rocket. Crown Prince launches Shareek program to boost private-sector partnership In March 2021, Crown Prince Mohammed bin Salman launched the Shareek program to boost private-sector partnership, aiming to support local companies and enable them to access SAR 5 trillion in domestic investments by 2030. In 2023, the program announced its first package of supported projects for eight national companies, with a total value of SAR 192.4 billion across several strategic and vital sectors. Major companies accounted for SAR 120 billion of the investments. These investments are expected to contribute more than SAR 466 billion to GDP by 2040 and create more than 64,000 jobs. “Journey Through Time Masterplan” design concept launched under AlUla Development Program In April 2021, the Crown Prince launched the design concept for the “Journey Through Time” master plan, aimed at revitalizing and developing AlUla’s main archaeological area. The project is a key component of the AlUla Development Program, which seeks to transform the region into a global destination for art, heritage, culture, and nature. The “Journey Through Time” master plan comprises three main phases, with the first phase scheduled for completion by the end of 2023. By 2035, the development strategy is expected to create 38,000 new jobs and contribute SAR 120 billion to Saudi Arabia’s GDP. Sakaka Solar Power Plant Inaugurated, PPAs Signed for 7 New Projects In April 2021, Crown Prince Mohammed bin Salman inaugurated the Sakaka solar power plant and witnessed the signing of power purchase agreements (PPAs) for seven new solar power projects across various regions of the Kingdom. National Transport and Logistics Strategy Launched Crown Prince Mohammed bin Salman launched the National Transport and Logistics Strategy, which includes a package of major enabling projects designed to achieve economic and social targets and adopts effective governance models to strengthen institutional performance across the transport ecosystem. The strategy coincided with renaming the Ministry of Transport as the Ministry of Transport and Logistics Services. The strategy aims to position the Kingdom fifth globally in air transit traffic, expand the number of destinations to more than 250 international destinations, and launch a new national carrier. In 2023, Crown Prince Mohammed bin Salman announced that the Public Investment Fund (PIF) had established Riyadh Air, the new national carrier, which was expected to commence operations in 2025. The company aims to operate flights to more than 100 destinations worldwide by 2030. Made in Saudi Program Launched The Ministry of Industry announced the launch of the “Made in Saudi” program to promote a “culture of loyalty to national products,” contributing to the localization of industries and achieving self-sufficiency at various levels. Riyadh Metro Begins Operations Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud inaugurated the Riyadh Metro project in late November 2024 at a total cost of $25 billion. The project comprises six lines spanning 176 kilometers and 85 stations, with all six lines brought into operation successively. The Riyadh Metro is integrated with the previously launched Riyadh Bus network, which spans 1,900 kilometers. Historic Jeddah Revitalization Project The Crown Prince launched the “Historic Jeddah Revitalization” project as part of the Historic Jeddah Development Program, which aims to enhance the area’s living environment an businesses and cultural projects, as well as a key destination for ambitious entrepreneurs. From the program’s launch through October 2024, work was completed to reinforce and preserve 233 heritage buildings featuring rich architectural and heritage elements that had been at risk of collapse. A total of 89 studies were also completed as the first phase of planning restoration works, while restoration was completed on 58 buildings and 35 heritage buildings were prepared and rehabilitated. Crown Prince Launches Human Capability Development Program, One of Saudi Vision 2030 Programs Crown Prince Mohammed bin Salman bin Abdulaziz, Prime Minister and Chairman of the Human Capability Development Program Committee, launched the Human Capability Development Program, one of the programs established to achieve the objectives of Saudi Vision 2030. The program’s plan comprises 89 initiatives aimed at achieving 16 strategic objectives of Saudi Vision 2030. Its strategy rests on three main pillars: developing a resilient and strong educational foundation for all, preparing for the future labor market locally and globally, and providing lifelong learning opportunities. Aseer Development Strategy Launched to Transform Region Into Global Tourism Destination The Crown Prince launched the Aseer Development Strategy under the theme “The Arabian Highland” in September 2021, aiming to transform Aseer into a year-round global destination through SAR 50 billion in diversified investments to finance vital projects and develop tourist attractions across Aseer’s mountain peaks. Crown Prince Launches National Investment Strategy The Crown Prince launched the National Investment Strategy in October 2021 as one of the key enablers for achieving Saudi Vision 2030 targets. The strategy aims to increase manufacturing GDP to SAR 895 billion by 2030, create 2.1 million jobs in the industrial sector and raise non-oil exports to SAR 557 billion by the end of 2030. THE RIG, World’s First Offshore Platform Tourism Destination, The Public Investment Fund (PIF) launched The RIG, a new tourism project to be developed on platforms inspired by offshore oil rigs. The project will cover more than 300,000 square meters near Al Juraid Island and the Berri oil field in the GCC, 40 kilometers off the coastline. By 2032, THE RIG is expected to attract more than 900,000 visitors annually, targeting a broad range of local, regional and international visitors. Over 700 Global Companies Move Regional Headquarters to Riyadh, Exceeding 2030 Target The number of regional headquarters of global companies in Saudi Arabia rose to more than 700, exceeding the target of 500 companies by 2030. Saudi Arabia Officially Wins Bid to Host Expo 2030 in Riyadh Saudi Arabia won the Bureau International des Expositions (BIE) General Assembly vote in November 2023 to host Expo 2030, after the Kingdom formally submitted its bid to host the event in Riyadh in October 2021. The bid received final approval in June 2025. Expo 2030 Riyadh will run from Oct. 1, 2030, through March 31, 2031, across an area of 6 million square meters, making it one of the largest World Expos in history. The allocated budget for hosting the event stands at $7.8 billion, or SAR 29.3 billion, and the event is expected to attract more than 40 million visits. Expo 2030 and its facilities are expected to contribute around SAR 241 billion to the Kingdom’s GDP during the construction phases and create 171,000 direct and indirect jobs. The operational phase is expected to contribute around SAR 21 billion to GDP. Saudi Citizenship Granted to Distinguished Experts and Specialists in Rare Fields Custodian of the Two Holy Mosques issued a number of decisions granting Saudi citizenship to distinguished experts and specialists in rare fields. In July 2024, royal approval was issued to grant Saudi citizenship to Argaam CEO Islam Zween. He holds a Master of Science degree from Alexandria University in Egypt and has more than 25 years of experience in technology, media and business management. Crown Prince Announces OXAGON, NEOM’s Industrial City and World’s Largest Floating Industrial Complex Crown Prince Mohammed bin Salman bin Abdulaziz, Chairman of NEOM, announced in November 2021 the establishment of OXAGON, NEOM’s industrial city, marking another step in NEOM’s master plan. The project aims to introduce a new model for future manufacturing hubs in line with NEOM’s strategy of redefining how humanity will live and work in the future. The Crown Prince said on the occasion: “OXAGON will be a catalyst for economic growth and diversity in NEOM in particular and the Kingdom in general, further meeting our ambitions under Vision 2030.” Energy Ministry Launches Major Gas Business Expansion Programs Saudi Arabia’s Ministry of Energy announced the commercial viability of the Kingdom’s vast unconventional resources and the launch of major programs to expand Saudi Aramco’s gas business, expecting the Jafurah field to produce 2 billion standard cubic feet per day of sales gas by 2030. Crown Prince Launches Jeddah Central Master Plan and Key Features The Crown Prince launched the master plan and key features of the Jeddah Central project, formerly known as New Jeddah Downtown, with total investments of up to SAR 75 billion. Crown Prince Launches Boutique Group for Ultra-Luxury Hospitality Crown Prince Mohammed bin Salman launched Boutique Group on Jan. 20, 2022, to develop, manage and operate a collection of the Kingdom’s iconic historic and cultural palaces and transform them into ultra-luxury boutique hotels, reviving the national heritage rooted in Saudi culture and providing an exceptional and unique hospitality experience. 8% of Saudi Aramco Shares Transferred to PIF, Sanabil Investments The Crown Prince announced on Feb. 13, 2022, the transfer of a 4% stake in Saudi Aramco to the Public Investment Fund. On April 14, 2023, he announced the transfer of another 4% stake in Saudi Aramco to Sanabil Investments, which is wholly owned by PIF. The Crown Prince said the transfers complement the Kingdom’s initiatives aimed at strengthening the national economy over the long term, diversifying its resources and creating further investment opportunities, contributing to the achievement of Saudi Vision 2030 targets. He added that the transfers help maximize PIF’s assets and increase its investment returns, strengthening the fund’s robust financial position and credit rating. TROJENA, NEOM’s Global Mountain Tourism Destination, Announced Crown Prince Mohammed bin Salman bin Abdulaziz, Chairman of NEOM, announced in March 2022 the establishment of TROJENA, NEOM’s new global mountain tourism destination. TROJENA will contribute to redefining global mountain tourism by providing an environmentally friendly tourism ecosystem in all its dimensions, in line with Saudi Vision 2030 targets to enhance quality of life and provide a safe and healthy lifestyle for all. Crown Prince Launches Custodian of the Two Holy Mosques Scholarship Program Strategy Crown Prince Mohammed bin Salman launched the strategy for the Custodian of the Two Holy Mosques Scholarship Program on March 7, 2022, marking a new phase in scholarship programs aimed at enhancing Saudi citizens’ competitiveness by improving human capital capabilities in new and promising sectors. Crown Prince Launches National Development Fund Strategy Crown Prince Mohammed bin Salman bin Abdulaziz, Deputy Prime Minister and Chairman of the National Development Fund, launched the National Development Fund strategy on March 14, 2022. The strategy aims to position the fund as a key enabler of the economic and social objectives of Saudi Vision 2030 by addressing existing development challenges in line with global best practices. It also targets contributing to the growth of the Kingdom’s real GDP by injecting more than SAR 570 billion by 2030, more than tripling the share of non-oil GDP to SAR 605 billion by 2030, and creating numerous employment opportunities across the Kingdom. In 2023, the Small and Medium Enterprises Bank, one of the development funds and banks affiliated with Saudi Arabia’s National Development Fund, officially launched its operations. Launch of Saudi Coffee Company The Public Investment Fund (PIF) launched the Saudi Coffee Company, which plans to invest about SAR 1.2 billion over 10 years in the Kingdom’s coffee sector. Health Holding Co. Center for National Health Insurance The Saudi cabinet approved in June 2022 the establishment of Health Holding Co. and the organization of the Center for National Health Insurance. Crown Prince Announces National RDI Aspirations and Priorities for Next Two Decades Crown Prince Mohammed bin Salman announced Saudi Arabia’s national aspirations and priorities for research, development and innovation (RDI) for the next two decades. They are based on four main priorities: human health; environmental sustainability and basic needs; leadership in energy and industry; and future economies. PIF Launches Aircraft Leasing Company PIF launched an aircraft leasing company, AviLease, which will focus on aircraft leasing, sales and fleet management services. The company will expand its operations by the purchase and lease back of aircraft, in addition to placing direct purchase orders with aircraft manufacturers. Crown Prince Announces Designs for The Line, Future City in NEOM Crown Prince Mohammed bin Salman, Chairman of NEOM, announced the designs for The Line, a human-centered city that represents a global model for sustainability and an ideal lifestyle in harmony with nature. Crown Prince Launches Infrastructure Works and Master Plan for Rua Al Madinah Project In August 2022, the Crown Prince launched infrastructure works and the master plan for the Rua Al Madinah project, spanning over 1.5 million sqm and targeting to create 47,000 hospitality units by 2030. Crown Prince Launches National Gaming Esports Strategy In September 2022, the Crown Prince launched the National Gaming and Esports Strategy, aimed at making the Kingdom a global hub for the sector by 2030. National Real Estate Registration Services Company In September 2022, PIF launched the National Real Estate Registration Services Company, known as the Real Estate Registry (RER), aimed at contributing to the regulation and development of the local real estate sector through an integrated digital platform. In cooperation with the Real Estate General Authority (REGA) and other government entities, the company seeks to establish a comprehensive real estate registry containing information on all real estate units and provide property registration services in line with best practices in the sector. Saudi Downtown to Develop Urban Centers and Destinations Across the Kingdom Crown Prince Mohammed bin Salman, Chairman of PIF, announced the launch of Saudi Downtown Co. (SDC), which aims to create and develop urban centers and diverse destinations across the Kingdom. Crown Prince Launches National Industrial Strategy Crown Prince Mohammed bin Salman, Prime Minister and Chairman of the Council of Economic and Development Affairs, launched the National Industrial Strategy after its approval by the cabinet. Crown Prince Launches National Global Supply Chain Initiative Crown Prince Mohammed bin Salman announced the launch of the National Global Supply Chain Initiative, which aims to strengthen the Kingdom’s position as a key hub and vital link in global supply chains. Launch of Halal Product Development Co. PIF announced the launch of Halal Product Development Co. (HPDC), which aims to invest in developing and localizing the halal products industry in the Kingdom. PIF Establishes Five Regional Investment Companies Crown Prince Mohammed bin Salman announced that PIF would establish five regional companies targeting investments in Jordan, Bahrain, Sudan, Iraq and Oman. Launch of Local Content Development Program to Boost Private Sector Competitiveness and Innovation PIF launched the Local Content Development Program, which aims to raise the contribution of the fund and its subsidiaries to local content to 60% by the end of 2025, while supporting and enabling the private sector and promoting the competitive and innovative advantages of national industries. Crown Prince Launches CEER, Saudi Arabia’s First EV Brand Crown Prince Mohammed bin Salman launched CEER, Saudi Arabia’s first electric vehicle brand. In 2023, the company obtained a license from the Ministry of Industry and Mineral Resources to establish an EV manufacturing facility spanning 1 million sqm in the Industrial Valley at King Abdullah Economic City. The company plans to launch its first vehicles in Q4 2026, followed by new models in 2027, 2028 and 2029. Crown Prince Approves Development Vision for Darin Tarout Islands and Orders Authority Establishment Crown Prince Mohammed bin Salman, based on a cabinet decision, approved the development vision and future initiatives for Darin and Tarout Islands, as well as the establishment of the Darin and Tarout Islands Development Authority. Crown Prince Launches Master Plan for King Salman International Airport in Riyadh Crown Prince Mohammed bin Salman launched the master plan for King Salman International Airport, positioning Riyadh as a gateway to the world and a global destination for transport, trade and tourism, while connecting East and West and strengthening the Kingdom’s position as a global logistics hub. Saudi Arabia Announces Discovery of Several Natural Gas Fields Energy Minister Prince Abdulaziz bin Salman announced that Saudi Aramco had discovered several natural gas fields in the Central Region, Empty Quarter, Northern Borders Region and Eastern Province. Second Phase of Saudization Program The Ministry of Human Resources and Social Development launched the second phase of the Saudization program, which aims to provide 170,000 job opportunities. Launch of Aseer Investment Co. PIF inaugurated Aseer Investment Co. as its investment arm in Aseer region, aimed at stimulating domestic and foreign direct investment to develop the region. Crown Prince Announces Development of Sindalah Island, NEOM’s First Luxury Coastal Destination In December 2022, the Crown Prince announced the development of Sindalah Island, NEOM’s first luxury coastal tourism destination and one of the key projects supporting the National Tourism Strategy. The island opened in October 2024. Riyadh Integrated Logistics Zone Inaugurated, Apple Named First Major Investor Transport and Logistics Services Minister Saleh Al-Jasser inaugurated the Integrated Logistics Zone in Riyadh in October 2022, announcing Apple as the zone’s first major investor. Diriyah Project Added as Fifth Major PIF-Owned Project Crown Prince Mohammed bin Salman announced in 2023 that the Diriyah Project had been added as the fifth major project owned by the Public Investment Fund. SAR 14B Events Investment Fund Launched Crown Prince Mohammed bin Salman launched the Events Investment Fund (EIF) under his chairmanship, with investment capital of SAR 14 billion. The fund aims to develop sustainable infrastructure supporting four promising sectors: culture, tourism, entertainment and sports, while building strategic partnerships to maximize impact in the targeted sectors and attract foreign investment. Saudi Arabia’s New Companies Law The new Companies Law and its implementing regulations came into force in Saudi Arabia on Thursday, Jan. 19, 2023. The law included provisions allowing the splitting of the nominal value of shares. 100M sqm of Land Allocated for Housing in Riyadh and Other Cities Municipal, Rural Affairs and Housing Minister Majed Al-Hogail announced that the Crown Prince had directed the allocation of 100 million sqm of land to the housing sector in Riyadh and other cities experiencing increases in land and property prices. PIF Invests SAR 5B in New Shares of Four Saudi Construction Companies PIF invested SAR 5 billion by subscribing to new shares in Nesma Partners Contracting Co., El Seif Engineers Contractors, AlBawani Holding, and Al-Mabani General Contractors. New Murabba Development Co. Launched to Develop World’s Largest Modern Downtown in Riyadh Crown Prince Mohammed bin Salman launched New Murabba Development Co. to develop the world’s largest modern downtown in Riyadh, contributing to the capital’s future development in line with the objectives of Saudi Vision 2030. Saudi Unemployment Rate Falls to Record-Low 7%, Meeting Vision 2030 Target The unemployment rate among Saudis continued to decline, reaching 7% in Q4 2024, its lowest level on record and meeting the Saudi Vision 2030 target. Saudi Arabia subsequently set a new target of reducing the unemployment rate among Saudis to 5% by 2030, after achieving the previous Vision target of 7% seven years ahead of schedule. Four Special Economic Zones in the Kingdom Open to Investors Worldwide Crown Prince Mohammed bin Salman, Prime Minister and Chairman of the Council of Economic and Development Affairs, announced the launch of four special economic zones (CEZ) in the Kingdom. Crown Prince Launches Sports Clubs Investment Privatization Project Crown Prince Mohammed bin Salman launched the Sports Clubs Investment and Privatization Project. Four Saudi sports clubs — Al-Ittihad, Al-Ahli, Al-Nassr and Al-Hilal — were announced to be transformed into companies, each to be owned by the Public Investment Fund and the respective club’s nonprofit sports institution. In addition, four clubs will be converted into companies, with ownership of these companies transferred to development entities. In July 2024, the Ministry of Sports, in coordination with the National Center for Privatization, began the second phase of the second track of the Sports Clubs Investment and Privatization Project, based on the Council of Ministers’ approval of the privatization project document for 14 sports clubs across various divisions. In July 2025, the ministry, in cooperation with the National Center for Privatization, announced the privatization of the first three Saudi sports clubs through a public offering: Al-Ansar, Al-Kholood and Al-Zulfi, with ownership transferred to investment entities. In June 2026, the Ministry of Sports and the National Center for Privatization announced the offering of five clubs to investment entities: Al-Riyadh, Abha, Al-Fateh, Al-Tai and Al-Shoalah. Crown Prince Launches New Strategy for King Abdullah University of Science and Technology Crown Prince Mohammed bin Salman, Chairman of the Board of Trustees of King Abdullah University of Science and Technology (KAUST), launched the university’s new strategy, which aims to transform science and research into innovations with economic returns by focusing on national research, development and innovation priorities, in addition to strengthening productive international and local partnerships and partnerships with the private sector, contributing to the objectives of Saudi Vision 2030. Crown Prince Launches Master Plan for Logistics Centers to Position Kingdom as Global Logistics Hub Crown Prince Mohammed, Crown Prince and Chairman of the Supreme Committee for Transport and Logistics Services, launched the master plan for logistics centers, which aims to develop the Kingdom’s logistics sector infrastructure, diversify the local economy, and strengthen the Kingdom’s position as a leading investment destination and global logistics hub. Crown Prince Announces Establishment of Global Water Organization Headquartered in Riyadh Crown Prince Mohammed bin Salman, Prime Minister, announced the establishment by Saudi Arabia of a global water organization headquartered in Riyadh. Crown Prince Launches Master Plan for Soudah Peaks Project Crown Prince Mohammed bin Salman launched the master plan for the development of Soudah and parts of Rijal Almaa under the name Soudah Peaks. First Lucid Car Factory Opens in Saudi Arabia Lucid Group, the US electric vehicle manufacturer partially owned by the Public Investment Fund, opened its first car factory in Saudi Arabia in King Abdullah Economic City. PIF Establishes Al Balad Development, Master developer of Historic Jeddah PIF announced the establishment of Al Balad Development as the master developer of the historic Jeddah district of Al-Balad. EV Infrastructure Company In October 2023, the Public Investment Fund and Saudi Energy Company announced the launch of the Electric Vehicle (EV) Infrastructure Company to develop high-quality infrastructure to support fast-charging services for electric vehicles in the Kingdom. PIF establishes Tasaru Mobility Investments PIF established the National Automotive and Mobility Investment Co. (Tasaru Mobility Investments). The investment company specializes in developing local supply chain capabilities for the automotive and mobility industry in the Kingdom. Crown Prince unveils master plan for new Abha International Airport Crown Prince and Prime Minister Mohammed bin Salman launched the master plan for the new Abha International Airport. The airport will have an annual capacity of more than 13 million passengers, up from 1.5 million currently, and will handle more than 90,000 flights annually, compared with 30,000 at present. Crown Prince launches Ardara, Wadi Abha as first project Crown Prince and Prime Minister Mohammed bin Salman launched Ardara to develop Wadi Abha in the Asir region as the company’s first project. The development will serve as an urban center and an attractive tourism destination for local and international visitors, in line with the objectives of Saudi Vision 2030. Crown Prince launches Esports World Cup Crown Prince and Prime Minister Mohammed bin Salman announced the launch of the Esports World Cup, the world’s largest event of its kind, which Saudi Arabia will host annually in Riyadh starting in summer 2024. FIFA President Announces Saudi Arabia as Host Of 2034 World Cup Gianni Infantino, President of the Fédération Internationale de Football Association (FIFA), announced that Saudi Arabia will host the 2034 FIFA World Cup. FIFA also unveiled details of Saudi Arabia’s bid to host the largest-ever edition of the World Cup to be held in a single country. The tournament will be held across five major cities: Riyadh, Jeddah, Khobar, Abha, and NEOM. Crown Prince Launches Qiddiya City Master Plan and Brand Prince Mohammed bin Salman, Crown Prince, Prime Minister, and Chairman of Qiddiya Investment Co., launched the master plan for Qiddiya City and Qiddiya’s global brand. PIF Establishes Dan to Develop Rural, Ecotourism Projects PIF announced the establishment of Dan Co., a company specializing in developing rural and ecotourism projects. The company plans to develop distinctive tourism projects in several cities featuring unique natural and agricultural attractions. Riyadh Bus Main Network The Royal Commission for Riyadh City (RCRC) completed the main network of the Riyadh Bus service as part of the King Abdulaziz Public Transport Project in Riyadh. The network comprises 54 routes served by 679 buses across 2,145 stations and stops. Tax Incentives Introduced to Attract Global Companies’ Regional Headquarters The Ministry of Investment, in coordination with the Ministry of Finance (MOF) and the Zakat, Tax and Customs Authority (ZATCA), announced a new package of tax incentives for 30 years to support the Regional Headquarters Program. The incentives aim to encourage global companies to establish their regional headquarters in Saudi Arabia and facilitate the process. Saudi Arabia’s Mineral Wealth Valuation Rises to SAR 9.4T Saudi Arabia raised its estimated value of mineral wealth from $1.3 trillion in the 2016 assessment to $2.5 trillion, equivalent to an increase from SAR 4.9 trillion to SAR 9.4 trillion. In September 2026, Minister of Energy and Minister of Industry and Mineral Resources Prince Abdulaziz bin Salman said geological exploration at the Jabal Sayid project in Madinah had identified an estimated 110 million tons of ore. The ore contains high concentrations of rare earth minerals, particularly heavy rare earth elements, along with promising concentrations of uranium. The discovery places the project among the world’s most significant rare earth mineral resource sites currently under development. National Biotechnology Strategy Crown Prince and Prime Minister Mohammed bin Salman launched the National Biotechnology Strategy, which aims to strengthen Saudi Arabia’s position as a global leader in the sector. The strategy will focus on improving national health and quality of life, protecting the environment, enhancing food and water security, maximizing economic opportunities, and localizing promising industries, in line with the objectives of Saudi Vision 2030. Crown Prince launches Alat Crown Prince and Prime Minister Mohammed bin Salman announced the establishment of Alat, a PIF company, to position Saudi Arabia as a global hub for sustainable industries focused on advanced technology and electronics. Saudi Arabia completes rollout of Euro 5 clean diesel and gasoline fuels The Ministry of Energy announced the completion of the rollout of Euro 5 clean diesel and gasoline across Saudi Arabia, replacing the fuels previously available in the market. PIF-Owned Companies Acquires 8% of Aramco Shares Crown Prince and Prime Minister Mohammed bin Salman announced the completion of the transfer of 8% of Saudi Aramco’s total issued shares from state ownership to portfolios of companies wholly owned by the PIF. Construction Begins on Ceer EV Manufacturing Complex Ceer awarded a contract to build its electric vehicle (EV) manufacturing complex in King Abdullah Economic City (KAEC), valued at approximately SAR 5 billion. PIF Launches Neo Space Group The PIF announced the establishment of Neo Space Group (NSG), wholly owned by the fund. NSG focused on space and satellite services. Saudi Aramco Offers 1.545B Shares in Secondary Public Offering The Government of Saudi Arabia and Saudi Aramco announced the launch of a secondary public offering of the company’s ordinary shares. The offering comprises 1.545 billion shares, representing approximately 0.64% of the company’s issued shares. Saudi Arabia Launches Geographical Survey Project for Renewable Energy Projects The Saudi Ministry of Energy launched a geographical survey project for renewable energy projects in the Kingdom. Contracts for the project were awarded to national companies to install 1,200 solar and wind energy monitoring stations across all regions of Saudi Arabia. First Phase of Riyadh Parking Project The Riyadh Municipality launched the first phase of the Riyadh Parking project, which includes establishing and managing more than 24,000 public parking spaces on public and commercial streets. The project also covers the management of more than 140,000 parking spaces in adjacent residential neighborhoods across 12 areas. Launch of Boulevard Business Park in Riyadh with investments exceeding SAR 1 billion Turki Alalshikh, Chairman of the General Entertainment Authority, announced the launch of the “Boulevard Business Park” project within the “Boulevard City” area, as the first phase of the urban plan to redevelop and reorganize the “Boulevard District” area in partnership with the private sector, with investments exceeding SAR 1 billion. Saudi Arabia Rises to Fourth Globally in The UN E-Government Development Index Saudi Arabia climbed 25 places in the 2024 United Nations E-Government Development Index, ranking fourth globally, first regionally, and second among G20 countries in the Digital Services Index. PIF Establishes SARC To Meet Demand for Residential Solutions for Workers The PIF announced the establishment of Smart Accommodation for Residential Communities (SARC), a real estate development and management company for residential communities serving all categories of workers involved in major construction and development projects in the Kingdom. 2026 Budget Announced The Council of Ministers approved the state’s general budget for 2026, with total expenditures set at SAR 1.31 trillion and revenues estimated at SAR 1.14 trillion, resulting in an expected deficit of SAR 165.4 billion. Crown Prince Launches the National Red Sea Sustainability Strategy The Crown Prince launched the National Red Sea Sustainability Strategy, which aims to protect the Red Sea ecosystem and strengthen cooperation frameworks to ensure its sustainability. PIF launches Adeera Hotel Management Company The PIF announced the launch of Adeera, a hotel management company that aims to become a leading national company driving the hospitality sector in the Kingdom and contributing to enhancing the expertise and skills of national talent by developing new Saudi hospitality brands to international standards. Establishment of Supreme Authority for Hosting FIFA World Cup 2034 Crown Prince Mohammed bin Salman bin Abdulaziz announced the establishment of the Supreme Authority for Hosting the 2034 FIFA World Cup, reaffirming the Kingdom of Saudi Arabia’s determination to deliver an exceptional edition of the world’s most prominent football event. Saudi Arabia Launches Standard Incentives for Industrial Sector with SAR 10B allocations The Ministry of Industry and Mineral Resources, in cooperation with the Ministry of Investment, announced in January 2025 the launch of standard incentives for the industrial sector, aimed at enabling and developing local manufacturing of products not yet produced in the Kingdom and driving the sustainable competitiveness of the industrial sector. Ministry of Industry launches 15 enablers and incentives for enterprises under Economic Operator Program The Ministry of Industry and Mineral Resources launched 15 enablers and incentives for enterprises participating in the “Authorized Saudi Economic Operator” program, reflecting its recognition of the program’s importance in supporting the competitiveness of Saudi exports and enhancing their access to global markets, thereby strengthening the Kingdom’s position as a global logistics hub. Second Package of Riyadh Road Development Program at SAR 8B The Royal Commission for Riyadh City announced the commencement of the second package of projects under the program to develop circular and major road corridors in Riyadh. The package comprises eight projects with a total cost exceeding SAR 8 billion. Saudi Arabia Launches First Industrial Zone Dedicated to Aircraft Manufacturing And Maintenance in Jeddah Saudi Arabia launched its first industrial zone dedicated to aircraft manufacturing and maintenance in Jeddah during the Aviation Industry Forum held in the city. PIF Launches Al Waha Company Specializing in Duty-Free Retail The PIF announced the launch of Al Waha Duty-Free Co. (Al Waha), a company specializing in retail sales to travelers. It will be the first Saudi-owned company to operate duty-free outlets. Crown Prince Launches Saudi Architecture Map Featuring 19 Styles Crown Prince Mohammed bin Salman launched the Saudi Architecture Map, which features 19 architectural styles inspired by the Kingdom’s geographical and cultural characteristics. The initiative forms part of efforts to celebrate the Kingdom’s architectural heritage, enhance quality of life, and develop the urban landscape in Saudi cities, in line with the objectives of Saudi Vision 2030. Crown Prince Directs Measures to Achieve Balance in Riyadh’s Real Estate Sector Crown Prince and Prime Minister Mohammed bin Salman directed the adoption of a number of measures based on studies conducted by the Royal Commission for Riyadh City and the Council of Economic and Development Affairs concerning the real estate sector and the rise in land and rental prices in Riyadh in recent years, with the aim of achieving balance in the real estate sector. Amendments to the White Land Fees System The Saudi Council of Ministers, chaired by Crown Prince and Prime Minister Mohammed bin Salman, approved amendments to the White Land Fees System. 8 New Arabian Oil Discoveries 6 Natural Gas Discoveries in Saudi Arabia Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Energy, announced that Saudi Aramco had discovered 14 new oil and natural gas fields and reservoirs in the Eastern Province and the Empty Quarter. The new discoveries comprised six fields and two reservoirs containing Arabian oil, as well as two fields and four reservoirs containing natural gas. Amendments to Housing Support Regulation The Council of Ministers, chaired by Crown Prince Mohammed bin Salman, approved amendments to the Housing Support Regulation, including reducing the minimum eligibility age for housing support applicants to 20 years, from 25 years prior to the amendment. PIF Launches Company to Build Operate Expo 2030 Riyadh Facilities The PIF announced the launch of Expo 2030 Riyadh Company, which is wholly owned by the Fund. The company will build and operate the facilities of Expo 2030 Riyadh, the first event of its kind in the Kingdom, and invest in its facilities over the long term. PIF Establishes First Commercial Paper Program The PIF announced the establishment of a global commercial paper program, noting that the move adds a new financing instrument to the fund’s existing financing tools. Launch Of the Seventh Phase of National Renewable Energy Program The Saudi Power Procurement Co. (SPPC), the principal buyer, announced the opening of the qualification process for the seventh phase of solar and wind energy projects, with a total capacity of 5,300 MW, as part of the National Renewable Energy Program overseen by the Ministry of Energy. Launch Of Real Estate Balance Platform To Receive Citizens’ Applications To Purchase Residential Land in Riyadh The Royal Commission for Riyadh City launched the “Real Estate Balance” platform to receive applications from citizens seeking to obtain residential land in Riyadh. 52,000 Foreign Companies Registered in Saudi Arabia Saudi Arabia continued to attract foreign investment despite weakness in global markets, with the number of foreign companies registered in Saudi Arabia rising to 52,000, compared with around 5,000 at the beginning of Vision 2030. FDI hits SAR 133 billion in 2025 Foreign direct investment (FDI) inflows into Saudi Arabia reached SAR 133 billion in 2025, up 12% from SAR 119 billion a year earlier. FDI outflows decreased to SAR 11 billion, compared with SAR 39 billion in 2024. Saudi Arabia advances to 23rd rank globally on Investment Attractiveness Index Saudi Arabia’s mining sector ranked 23rd globally on the Investment Attractiveness Index in the Fraser Institute’s 2024 Annual Survey of Mining Companies. Operational factories in Saudi Arabia reach 10,394 At the end of 2025, the Kingdom was home to about 10,394 operational factories, employing around 904,000 workers, with total investments exceeding SAR 76.1 billion. The factories started production with SAR 31.2 billion in investments. Saudi Arabia ranks 1st globally by international tourism revenue growth Saudi Arabia ranked first globally as the fastest-growing destination in international tourism revenues in Q1 2025 compared with Q1 2019, according to the UN World Tourism Organization’s May 2025 World Tourism Barometer report. PIF launches Tasama The Public Investment Fund (PIF) launched Tasama Business Services Co. (Tasama), a wholly owned subsidiary, to strengthen the integrated business ecosystem and drive further economic growth in both the public and private sectors. Saudi population grows to 35.3 million The Kingdom’s population rose 4.7% year-on-year to 35.3 million at the end of 2024. GCC residents allowed to invest in Main Market The Saudi market regulator approved amendments to investment account rules, allowing residents of GCC countries, as well as former residents of Saudi Arabia and the Gulf, to invest directly in the Main Market. PIF approves 2026-2030 strategy The Public Investment Fund’s (PIF) board, chaired by Crown Prince and Prime Minister Mohammed bin Salman, approved the fund’s 2026–2030 strategy. Building on PIF’s long-term direction, the strategy will focus on developing highly competitive domestic economic ecosystems, fostering greater integration across sectors, maximizing the value of strategic assets and delivering sustainable returns. It will also support Saudi Arabia’s ongoing economic transformation and enhance citizens’ quality of life. PIF assets grow to SAR 3.39 trillion The Kingdom’s sovereign wealth fund said its assets under management (AUM) reached SAR 3.40 trillion in 2025, including SAR 30 billion in recoverable amounts from other entities. AUM comprised SAR 663 billion in international investments, SAR 2.57 trillion in domestic investments and SAR 133 billion in the treasury portfolio. Saudi market opens to all foreign investors The Capital Market Authority (CMA) announced that Saudi Arabia’s capital market will be opened to all categories of foreign investors, allowing them to invest directly from Feb. 1, 2026. The move follows the CMA board’s approval of a regulatory framework allowing non-resident foreign investors to invest directly in the Main Market, effectively opening the Saudi capital market to investors worldwide. RCRC awards Riyadh Metro's Red Line extension The Royal Commission for Riyadh City (RCRC) announced the award of a project for the design, implementation, and completion of the new extension of the Red Line within the Riyadh Metro network. A total of 8.4 kilometers will be added to the current line, extending from King Saud University to the Diriyah Gate Development project, which includes five new stations. Cabinet OKs National Insurance Sector Strategy The Saudi Cabinet approved the National Insurance Sector Strategy. The strategy targets three key objectives: strengthening insurance protection for individuals and businesses, developing a sustainable and efficient insurance market, and expanding insurance coverage for national risks. 93% of Saudi Vision 2030 KPIs met or nearly reached their targets Around 93% of Saudi Vision 2030 key performance indicators (KPIs) either met or exceeded, or nearly reached their targets. Saudi Arabia climbs to 13th in 2026 World Competitiveness Ranking Saudi Arabia, US sign cooperation agreement on peaceful uses of nuclear energy Saudi Arabia and the United States signed an agreement on cooperation in the peaceful uses of nuclear energy, as part of the two countries’ strategic partnership. PIF launches Tawrid to provide supply-chain financing PIF launched Tawrid, a digital platform specializing in supply chain financing solutions for companies operating in the Saudi market. Crown Prince launches Ceer’s first locally manufactured vehicles Crown Prince Mohammed bin Salman launched Ceer’s first locally produced vehicle, the Exobot.